IBM for more spending on exploration of new resources

Written by: Pti
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Bhubaneswar, Feb 6 (PTI) Asking mines operators to getrid of the bad name of being polluters by undertaking greenactivities, Indian Bureau of Mines (IBM) today said thecountry was lagging in exploration of new resources.

"While use of minerals is increasing fast in thecountry, much needed exploration for new deposits for futureis not upto the expectation," IBM Controller General, C SGundewar said.

Gundewar said this while addressing the mine operatorsat the final day function of mines environment and mineralconservation week here.

Stating that India was unable to balance explorationand exploitation, Gundewar said while Australia spent abut 500million USD per annum on survey, Latin America''s expenditureon this activity was about 700 million USD per annum.

India, which has a geographical setting identical toboth Australia and Latin America, spends only USD 5 million onpromotional exploration, mainly through GSI, and major part ofit is spent on coal.

"India accounted for less than one per cent of theglobal exploration expenditure," Gundewar said adding that inlast 50 years, the total amount spent by GSI in mineral searchis about Rs 500 crore only.

"Of Rs 500 crore spent on search for new mineralsin the country, Rs 350 crore are for loacting coal despoitsalone," he said. .

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